The global pea protein market revenue is poised for robust growth during the forecast period, driven by increasing demand for high-protein diets and a growing vegan population. In 2023, North America led the market with a 36.33% share. According to an upcoming report by Fortune Business Insights™, titled "Pea Protein Market, 2024-2032," the market, valued at USD 580.61 million in 2023, is projected to grow from USD 649.36 million in 2024 to USD 1,644.67 million by 2032, reflecting a CAGR of 12.32%.
Pea protein is gaining traction as health-conscious consumers seek dietary options that support weight management, muscle development, and improved satiety. This aligns with modern wellness trends, boosting its appeal among individuals prioritizing nutritious and effective solutions. Furthermore, pea protein’s natural and minimally processed nature complements the growing demand for clean-label products, enabling companies to meet consumer expectations for ingredient transparency. By integrating pea protein into their offerings, brands can enhance consumer trust and loyalty while aligning with the shift toward healthier, transparent eating habits.
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List of Key Players Profiled in Market:
- RouquetteFreres (France)
- BurconNutrascience Corp (Canada)
- The Scoular Company (U.S.)
- DuPont (U.S.)
- CosucraGroupeWarcoing (Belgium)
- Nutri-Pea Limited (Canada)
- Shandong Jianyuan Group (China)
- Kerry Inc (Ireland)
- Sotexpro SA (France)
- Puris Protein LLC (U.S.)
Segments:
The pea protein market is segmented into three key types: isolates, concentrates, and textured products.
In terms of application, the market is divided into several categories, including meat substitutes, baked goods, dietary supplements, beverages, and others.
Geographically, the market is classified into five regions: North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The research offers comprehensive insights into market growth and recent developments, highlighting key advancements such as alliances, mergers, acquisitions, and partnerships. It emphasizes the importance of market segmentation, product development, and innovation as critical strategies for business expansion. The study also explores the factors driving market growth, alongside the challenges and constraints that could influence this progress. Additionally, the report provides a detailed analysis of the COVID-19 pandemic’s impact on market dynamics and overall growth.
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Drivers & Restraints:
Increasing the Consumption of Healthful Foods to Drive Market Expansion
The pea protein market is expected to experience rapid growth during the forecast period, driven by increasing awareness of the immune-boosting benefits of a high-protein diet. The growing vegan population in Europe is also anticipated to significantly contribute to market growth in the region. These factors are likely to sustain growth throughout the projected period. Additionally, heightened consumer awareness of pea protein's health benefits is expected to further fuel market expansion. However, potential adverse effects associated with pea protein could pose challenges to this growth.
Regional Insights:
North America Holds the Largest Market Share Owing to Increasing High-Protein Food Consumption
North America currently leads the global pea protein market, driven by the growing popularity of energy bars, cold cereals, and snacks. The region is expected to maintain its strong growth, with major companies focusing on new product launches to further expand their market presence in the coming years.
In Europe, significant growth is projected, fueled by increasing demand for plant-based protein ingredients and a shift towards healthier lifestyles. The demand for pea protein products across the European Union is set to rise, supported by the expanding vegan population in the region.
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Competitive Landscape:
Key Players Can Maintain Market Position with the Launch of New Products
Leading players in the pea protein market are focusing on competitive strategies to strengthen their global presence. These companies are executing growth initiatives such as partnerships, mergers, acquisitions, and strategic alliances to attract international clients. Moreover, by adopting innovative approaches, top firms are diversifying their product portfolios, which contributes to ongoing market growth.
- March 2020: Burcon Nutrascience Corp (Canada) has received a "Letter of No Objection" from the U.S. FDA for its two innovative pea protein products, Peazazz and Peazac. This approval will facilitate their acceptance among global food and beverage companies.
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